DETROIT, MI - Compuware, one of the anchors of Downtown Detroit's resurgence, is in limbo these days after a hedge fund announced a $2.3 billion bid to takeover the software company located at 1 Campus Martius.

Compuware and departing leader Peter Karmonos have led efforts to revitalize the city's downtown district since Karmonos built the company's new headquarters in Detroit and moved its employees to the city from Farmington Hills. He also helped bring Hard Rock Cafe Downtown and supported the M-1 rail line down Woodward Avenue, among other civic commitments.

But analysts say the company may have been too slow to innovate over the past decade and is now vulnerable to Elliott Management's attempted buyout. If successful, some worry the New York-based hedge fund will cut jobs and even move out of Detroit.